Crypto exchange Gemini is aiming for a valuation exceeding $3 billion ahead of its IPO, after raising its share price range on the back of strong investor interest.

New details surfaced within an updated prospectus filed with the Securities and Exchange Commission on Sep. 9, outlining that the company had bumped its offering price to between $24 and $26 per share, up from the previous $17 to $19 range.

Even though the offering still constitutes the original 16.67 million shares, the increased pricing now positions Gemini to raise approximately $433 million, much higher than the $317 million it originally targeted.

Investor confidence has been supported by the involvement of Nasdaq Inc., which agreed to participate in a $50 million private placement.

The stock will trade under the ticker symbol GEMI on the Nasdaq Global Select Market, with trading set to begin on Friday, September 13.

Among other details, Gemini revealed that up to 30% of the IPO shares would be earmarked for retail investors, distributed through platforms like Robinhood, SoFi, and Webull. 

An additional 10% is being set aside for affiliates, employees, and longtime users.

The strategy appears to be a deliberate attempt to lean into Gemini’s consumer-facing identity and build grassroots interest in the stock from day one.

Crypto-focused companies are having a moment in the public markets.

Earlier this year, Circle’s IPO surged over 160% on day one, and Bullish, a rival exchange backed by Peter Thiel, saw gains of more than 200% during its debut.

Coinbase, now a mainstay in the space, recently made headlines after being added to the S&P 500, which has also helped solidify the legitimacy of digital asset firms in mainstream finance.

Much of this optimism is being buoyed by what many see as a more favourable regulatory tone across major markets. 

With Washington showing signs of softening its stance and Europe implementing clear crypto frameworks like MiCA, the perception is that compliant, infrastructure-focused firms like Gemini are better positioned to thrive.

According to the filing, Gemini currently manages more than $18 billion in customer assets.

Goldman Sachs and Citigroup are leading the IPO, and the fresh funds will likely be used to shore up operations, repay debt, and fuel further growth. 

That includes expanding both its product suite and international footprint, moves that Gemini has already started executing.

In Europe, the exchange recently secured approvals under MiFID II and the Markets in Crypto-Assets Regulation (MiCA), giving it the green light to offer everything from spot trading and staking to USDC-denominated derivatives across the European Economic Area.

Meanwhile, Gemini’s US operations have been just as active. 

In August, the company partnered with Ripple Labs and Mastercard to launch an XRP rewards credit card, offering users up to 4% back in XRP on gas purchases and bonus incentives tied to Ripple’s stablecoin, RLUSD.

Nevertheless, Gemini’s financials show it is still very much in growth mode.

For the first half of 2025, the firm posted a net loss of $282.5 million.

The post Gemini targets $3B+ valuation after raising IPO price appeared first on Invezz

59 +